Whether you are self-employed or an employee, if you use a portion of your home for business, claiming the home office deduction is now easier. Beginning in tax year 2013, taxpayers may use a simplified option when determining the deduction for business use of their home. It is important to note that this simplified option does not change the criteria for who may claim a home office deduction. It merely simplifies the calculation and recordkeeping requirements of the allowable deduction. [Read More...]
Summer is here and that means sun, fun and work. That’s right, work. Last summer nearly 20 million students 16-24 held jobs during the summer months. Summer jobs are a great way to learn responsibility and get an introduction to valuable life lessons like filing taxes. Generally students must file taxes on their income earned during the summer and here are some tips to keep in mind. [Read More...]
Did you know that the Child and Dependent Care Tax Credit can help to offset the cost of your child’s day camp this summer? Along with the lazy, hazy days of summer come some extra expenses, including summer day camp. But, the IRS has some good news for parents: those added expenses may help you qualify for a tax credit.
Summer day camp is considered a childcare expense; however, overnight camps, summer school and tutoring do not qualify. Here is what you need to know about the tax credit available for child care expenses. The Child and Dependent Care Credit is available for expenses incurred during the summer and throughout the rest of the year. [Read More...]
The annual deadline for most people to file their federal income tax return and pay any taxes they owe from 2012 was April 15th. By law, the IRS may assess penalties to taxpayers for failing to file a tax return and for failing to pay taxes they owe by the deadline. The IRS released 8 important points for tax payers about penalties for filing or paying late. [Read More...]
If you missed this year’s tax deadline, you may be thinking to yourself, “What should I do?” Below we highlight some advice and tips the IRS has issued for taxpayers who missed the April 15th tax filing deadline. [Read More...]